It would seem that Thomas Sowell and I agree on one thing:
It is the same story when Derek Jeter gets paid millions of dollars to play shortstop for the Yankees. He gains by exchanging his time and skills for the money that George Steinbrenner pays him. But Steinbrenner also gains by paying Jeter to play shortstop – which helps bring in more money in gate receipts, the sale of television rights, and other sources of revenue. As for the rest of us, it is none of our business what Steinbrenner pays Jeter. It’s their deal. If we don’t understand it, there is no reason why our ignorance should influence what happens.
If Sowell is advocating a free market determining the salaries of baseball players, I agree as does Andrew Zimbalist. Might I suggest that Dr. Sowell actually read Baseball and Billions: A Probing Look Inside the Big Business of Our National Pastime as he seems to be unaware of all the means that the baseball owners have conspired to turn a competitive market into an monopsonistic cartel.